The subscription service would be available for Hyundai BEV, PHEV, and hybrid cars, and will cost around £339 (~$471) per month for a 24-month duration
South Korean automotive giant, Hyundai has reportedly introduced a new all-in-one subscription service for its PHEVs, BEVs, and hybrid vehicles in the United Kingdom. This new subscription service, branded “Hyundai Mocean”, allows authorized consumers to have an electric vehicle delivered to them for a monthly charge that covers insurance, road tax, maintenance, and repairs.
Hyundai Motor Group has been testing this business model in various countries before bringing it to the UK. As a worldwide automaker, the company has a sales strategy in several global markets.
A subscription service for its automobiles is something that Hyundai has been experimenting with in recent years. In 2018, Hyundai experimented with a new lease approach called Hyundai PLUS in the United States which coupled monthly lease payments with premium auto insurance and maintenance. This, however, only applied to a few US models and was not specific to electric vehicles.
Additionally, Hyundai has tested a subscription service called "Ioniq Unlimited+," which it will reintroduce in the United States with the launch of the Ioniq 5 EV.
In 2019, Hyundai also unveiled Hyundai Selection, a comparable subscription service in Seoul and the surrounding metropolitan area. However, Hyundai Selection had only 225 subscribers after a year.
It is prudent to say that Hyundai is looking to offer a revised subscription service to herd new EV drivers in the UK, owing to its concentrated efforts on an electrified future. The subscription in the UK would be only available for Hyundai BEV, PHEV, and hybrid cars, and it will cost £339 (~$471) per month for a 24-month duration.
As per sources, other competitors in the market who offer similar subscription service models include "Book by Cadillac”, "Porsche Passport” and "Care by Volvo,".